BUSN2042 : Corporations Law – Conduct a Catering Business – Business Law Assignment Help

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Assignment Task :
1) Scenario
Brendan, Kevin and Ryan meet each other on the first day of their innovation and entrepreneurship course. They soon discover that they all follow the same organic, Low-FODMAP (“Lo-Fo”) diet because it promotes digestive balance, and according to them improves overall well-being. They become good friends, and upon completion of their course they decide to start their own business which responds to the growing demand for Lo-Fo eating options. Brendan, Kevin and Ryan struggle to make up their minds about whether to open a restaurant in the city, or whether to conduct a catering business. They are not sure about committing to a commercial lease and therefore initially decide to open a home-based catering business.
Brendan, Kevin and Ryan decide to conduct their catering business through the following company which they register with ASIC:
The catering business grows slowly and after 12 months has a steady flow of customers with a modest income stream. At this point, Brendan, Kevin and Ryan reconsider their Lo-Fo restaurant idea, and soon realize they will need some outside investment to get the restaurant up and running.
Brendan’s neighbours, William and Matilda, are experienced restaurateurs and express their interest in investing in the company as shareholders. Brendan, Kevin and Ryan are very happy when they hear about the opportunity to raise some much-needed capital, as they have been struggling to get a loan from the bank. However, Brendan, Kevin and Ryan wish to retain control of the company by holding a majority of the shares. William and Matilda agree to this so long as they are appointed to the board of directors. Brendan, Kevin and Ryan all agree to William and Matilda  becoming directors, on the proviso that contracts over a certain amount are approved by the
company in general meeting. Brendan, Kevin and Ryan also wish to make it clear that the company will only provide Lo-Fo dishes. William and Matilda agree to this. For these reasons, Brendan, Kevin and Ryan register the following company with ASIC, as a new entity for operating the restaurant business:
 
Name: Lo-Fo Dining Pty Ltd ACN 321 321 321
Share Information: 20 Ordinary shares (ORD) issued.
Members (ie shareholders):

 Brendan – 4 Ordinary shares (ORD)

 Kevin – 4 Ordinary shares (ORD)

 Ryan – 4 Ordinary shares (ORD)

 William – 4 Ordinary shares (ORD)

 Matilda – 4 Ordinary shares (ORD)
 

 
The Constitution for Lo-Fo Dining Pty Ltd comprises the following three clauses only:
1. The company is committed to fostering community-wide digestive health and wellbeing.
2. The main object of the company will be to conduct the business of a restaurant with an exclusively organic and Low-FODMAP menu.
3. Any contract exceeding $10 000 requires the approval of the company in general meeting
 
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